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It seems like every time a dog-themed memcoin like Dogecoin (DOGE) or Shiba Inu (SHIB) goes viral, another one lurks in the shadows, waiting to pounce on its hype train.
The value of the latest Memecoin Bonk (BONK), a Shiba Inu-themed Solana token, rose more than 400% during the month, according to CoinMarketCap. Data. The hype around the token and the Solana Saga phone rose last week, after owners of that phone discovered they could claim 30 million BONK tokens, worth roughly $560 at press time.
The Saga sold out shortly after 20,000 units were sold in the US, and the Bonk reached an all-time high six days earlier. The value of Solana (SOL), the cryptocurrency tied to the layer-one blockchain that Saga and Bonk are focusing on, rose more than 21% during the week as well.
The hype around Bonk has since died down, but other Solana-based meme coins like Dogwifhat (WIF) have also benefited greatly from the attention.
Literally symbol Based on a Shiba Inu in a knit beanieThe price of Dojoevat has risen by 42.46% in the past 24 hours, and has risen by 864% in the past seven days, at the time of writing. The token’s market cap currently stands at around $218 million, according to CoinGecko Data. By comparison, Bonk’s market capitalization is more than five times that amount at $1.14 billion.
Of course, this isn’t the first meme-based dog symbol to be released, and I doubt it will be the last. However, these market movements indicate that retail interest and appetite are turning towards cryptocurrencies again after a prolonged bear market.
What happens in web3
- Worldcoin no longer offers orb verification in India, Brazil and France
- Why Asset Tokenization Can Be a Key Growth Driver for Cryptocurrencies (TC+)
- Cryptocurrency Valuations ‘Back to Earth’ in 2023, but VC Firms Expect to Rise Again in 2024 (TC+)
- AR platform Truly launches “Fandime” NFTs to reward users with exclusive movie-related content
- EthSign brings DocuSign-like features to Line and Telegram with a web3 twist
- WazirX trading volume falls off a cliff amid cryptocurrency scrutiny in India
- Why web3’s 30 founders are optimistic about 2024 (TC+)
- Robinhood seeks to delve deeper into cryptocurrencies (TC+)
Latest pod
For this week episode, Jacqueline Staci Warden interviewed the CEO of the Algorand Foundation, the organization behind the layer-one Algorand blockchain.
Previously, Warden worked at the Milken Institute and oversaw initiatives related to capital market development, fintech financial inclusion, cryptocurrencies, and blockchain.
Before that, she worked at JP Morgan, where she was an executive leading public sector coverage. She also worked at Nasdaq and the US Treasury. He is a member of the advisory boards of the United Nations Capital Development Fund, the European Parliament's Science and Technology Options Assessment, and the American FinTech Association.
As for Algorand, it is a Singapore-based blockchain that aims to be fast, secure, decentralized, and the “greenest” with its carbon negative network. It had around 615,000 active addresses at the time of registration.
We discussed Algorand's ecosystem, decentralization, and real use cases created during a bear market.
We also talked about:
- Asset tokenization
- Foundations behind blockchains
- Challenges of expansion in the United States
- Algorand plans for 2024
participation in Chain reaction on apple podcast, Spotify Or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!
Follow the money
- Web3 financial data startup Tres has raised $11 million in a seed round
- Gaming giant Nexon has invested $100 million in its web3 project, MapleStory Universe
- The web3mine innovation lab, which focuses on building web3 tools, has raised a $6 million seed round
- SaaS banking platform provider Fiat Republic has raised $7 million in seed funding
- FydeTreasury raises $3.2M seed round to help manage and scale on-chain cryptocurrency holdings
This list was compiled with information from Messari as well as TechCrunch's own reporting.
What else do we write?
Do you want to branch out from the world of web3? Here are some articles about TechCrunch that caught our attention this week.
- Electric Bird Company declares bankruptcy
- Secondary investors say some valuations are still too high (TC+)
- Tesla is requesting a temporary stay in its federal racial bias lawsuit while it wraps up other cases
- 8 predictions for artificial intelligence in 2024
- Small, affordable electric cars that we're missing out on in 2023
Follow me on Twitter @jackmlink For breaking cryptocurrency news, memes, and more.